Inland Real Estate Acquisitions negotiated and closed the purchase of two Illinois senior living communities: Deer Park Village in Deer Park and The Landings in Batavia.
Deer Park Village was 92% occupied at close, while The Landings was 95% occupied. Inland's Mark Cosenza and Brett Smith completed the transaction on behalf of an Inland affiliate.
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“We have accelerated our senior living acquisition strategy as the need for these communities is rapidly increasing,” Cosenza said in a statement. "Deer Park Village and The Landings were both attractive opportunities due to the full continuum of care each community provides.”
The deal marks a milestone for Inland, with the company surpassing $1B in senior living acquisitions. The company's portfolio includes more than 3,100 units and over 20 communities across the country.
PEOPLE
Kiser Group promoted John George and Joe Bianchi from advisers to directors. After four years with the firm, the duo also became the youngest directors in the company's history.
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CenterPoint Properties appointed Ross Straseske as executive vice president and chief financial officer. Straseske leads the company’s finance organization, overseeing financial planning and analysis, corporate and property valuation processes, and capital and liquidity management. Straseske joined CenterPoint in 2021 as development controller.
SALES
A joint venture of Eastham Capital and Bender Cos. scooped up Fox Run Apartments, a 220-unit multifamily property at 115 Walnut Drive in St. Charles for an undisclosed price. The property was built in 1973 and consists of loft-style apartments. Marcus & Millichap’s Ryan Engle and Andrean Angelov marketed the property on behalf of the seller and procured the buyer.
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DPI Retail acquired Willow Creek Center, a grocery-anchored regional shopping center in Glenview, for an undisclosed price, its first investment in the Chicago area. The property’s tenants include Aldi, Kohl’s, Planet Fitness and Michaels. Mid-America Real Estate Corp.'s Rick Drogosz, Ben Wineman and Patrick Corrigan brokered the deal for the seller, Sperry Equities.
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A buyer planning a condominium development paid $4.3M for 1276 W. Washington Blvd., a 15K SF development site in West Loop. Greenstone Partners' Danny Spitz and Malek Abdulsamad represented the seller and buyer.
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An undisclosed buyer acquired 3905 N. Western Ave., a mixed-use property in North Center, for $15.2M. The property includes 30 apartment units and four retail suites. Marcus & Millichap's Kyle Stengle and Steve Rachman marketed the property for the seller.
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A private local buyer acquired Lotus Gardens, a 120-unit multifamily property at 8501 Lotus Ave. in Skokie. The property was built in 1971. Marcus & Millichap's Eric Bell and Jordan Callaway represented both parties.
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An unnamed buyer acquired a 25K SF industrial flex building at 2449 Pierce Drive in Spring Grove. The multitenant property is divided into five units and was fully leased at the time of sale. RD Strategic's Rick Delisle represented the buyer, and Entre Commercial Realty's Kevin Kaplan represented the seller.
THIS AND THAT
Nonprofit affordable housing lender Community Investment Corp. announced a new pilot program bringing murals to neighborhoods across Chicago. The $10K initial mural pilot program is funded through a portion of the philanthropic support CIC received from MacKenzie Scott.
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